The voter-approved Measure ULA was designed to generate $1.1 billion annually for affordable housing; however, it has imposed significant financial burdens on nonprofit homebuilders.
Nonprofits like the Motion Picture & Television Fund have faced unexpected mansion tax fees, undermining their ability to build affordable housing as they are penalized for property sales.
Bob Beitcher, head of the Motion Picture & Television Fund, expressed confusion over the mansion tax: "We never thought we'd be paying this tax. We're not selling a mansion, we're a nonprofit."
The aim of Measure ULA was to have millionaires and billionaires contribute fairly, yet nonprofits serving the community find themselves financially strained by this well-intended measure.
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